Leading fiber broadband provider Converge ICT Solutions Inc. (PSE:CNVRG) has once again garnered an improved Environmental, Social, and Governance (ESG) rating this time on S&P Global’s annual evaluation of companies’ management of ESG risks, opportunities, and impacts.
The company earned an ESG Score of 53 out of a100, coming from 2022’s score of 40.
“In 2023, we have put in place significant guardrails to ensure our sustainability practice remains aligned with the organization’s values and goals, as well as with international standards. This is a testament to responsible business practice that will create long-term positive impact,” said Benjamin B. Azada, Converge Chief Strategy Officer and Chief Sustainability Officer.
In 2023, Converge earned a Corporate Sustainability Assessment (CSA) score of 50, an improvement of 10 points from the previous year’s CSA score of 40. In the same year, S&P Global introduced the ESG score, which adopts a modeling approach to address the gaps in disclosure and enhance information coverage . Under this updated methodology, Converge attained a final ESG Score of 53, reflecting its commitment to sustainability and responsible business practices.
Based on the CSA, Converge saw the most improvement in the Environmental and Social Dimensions, increasing by 14 and 18 points respectively. Under the Social Dimension, Converge ranked high on the criteria of Privacy Protection and Occupational Health and Safety. In the Environment Dimension, the criteria of Climate Strategy received a boost of 32 points.
Converge scored higher than the industry average on all three Dimensions of Governance and Economy, Environment, and Social.
“In an uncertain economic landscape, Converge navigates with a compass of strategic risk management, steering through challenges to remain resilient and build towards future-proofing the company,” said Converge VP and Head of Enterprise Risk Management Jerome Mario Orfano.
Just this October, Converge also gained a ‘low-risk’ assessment from Sustainalytics, an ESG and corporate governance analytics firm.